Pregnancy Point of Care Testing Market Revenue Growth Predicted by 2018 to 2028
The global pregnancy point of care testing market is likely to envisage incremental growth at a healthy 4.5% CAGR during the forecast period 2018-2028.
[UKPRwire, Fri Jul 26 2019] In order to dissert the market scenario prevailing across the pregnancy point of care testing market sector, FactMR has evenly presented a comprehensive analysis report on pregnancy point of care testing market to its extensive online repository. With all vital market facets enclosed into this single assessment, readers can learn about different market drivers, opportunities and trends which are likely to influence the overall market space for the pregnancy point of care testing market in the coming years. In addition, factors such as market size, Y-o-Y growth and revenue share are investigated so as to make this research highly authentic and reliable.
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- The pregnancy point of care testing market grew at a steady value CAGR of 3.7% during 2013-2017, as low availability and product penetration of pregnancy point of care testing products in emerging economies impacted the market growth.
- In 2018, the pregnancy point of care testing market reached US$ 1.2 billion and, with growing awareness about infertility disorders and increasing healthcare spending across the world, the market is expected to witness 5.0% y-o-y in 2019.
- The global pregnancy point of care testing market is likely to envisage incremental growth at a healthy 4.5% CAGR during the forecast period 2018-2028. Technological advancements and awareness about the accuracy and efficiency of pregnancy point of care testing products will contribute to increasing growth of the market during the assessment period.
- Backed by strong presence of leading market players in the U.S., North America will continue to remain the leading market for pregnancy point of care testing products throughout the forecast period.
- South Asia is expected to emerge as a high-growth market for pregnancy point of care testing with lucrative opportunities for product penetration and increasing preference for home monitoring devices for ovulation tracker among end-users in South Asian countries.
What are the Key Growth Drivers of Pregnancy Point of Care Testing Market?
- Growing prevalence of gynecological issues and fertility disorders, coupled with high preference for fast and self-contained tests is primarily boosting sales of pregnancy point of care testing products.
- Increasing awareness about the availability of technologically advanced and high-precision pregnancy point of care testing products is providing an impetus to market growth.
- Manufacturers are adopting next-generation technologies to introduce advanced features, such as accuracy and ease of use, and improve the reliability of pregnancy point of care testing products.
- Leading players in the pregnancy point of care testing market are launching products with smartphone connectivity to attract modern customers and boost adoption of smart pregnancy point of care testing products.
What are the Key Challenges in the Pregnancy Point of Care Testing Market?
- An increasing number of new entrants in the pregnancy point of care testing market are introducing innovative products at competitive prices. A huge price gap between new market players’ and leading players’ products will impact growth of the global pregnancy point of care testing products.
- Questions raised on the accuracy of pregnancy point of care testing products and the possibility of getting inaccurate results is restricting consumers to rely on these products, consequently hampering growth of the market.
- Stringent regulations and standards along with lengthy certification processes, developed by governing bodies influence salient business strategies. Strict product approval rules also make a significant impact on the manufacturing cost of pregnancy point of care testing products, creating challenges for manufacturers at introducing products at competitive prices in the market.
Abbott Laboratories, Quidel Corporation, Prestige Brands Holdings, Swiss Precision Diagnostics (SPD) GmbH, Church & Dwight Co., Inc., BIOSYNEX SA, EKF Diagnostics Holdings plc, NOW Diagnostics Inc, NG BIOTECH SAS, ulti med Products (Deutschland) GmbH, Procter & Gamble Co., Piramal Enterprises, bioMérieux SA, Atlas Medical UK, and Home Health (UK) Ltd are among the key companies in the pregnancy point of care testing market.
Pregnancy Test Kits Selling Higher than Fertility Test Kits
The preliminary 2016 data released by the Centers for Disease Control and Prevention shows that more women are delaying their first pregnancy, as the birth rate among women in their 30s surpassed that among women in their 20s, in 2015. Social norms vis-à-vis the age of motherhood have changed in developed countries with remarkable speed, especially among highly-educated women. Increasing concerns about women’s health and pregnancy are triggering the adoption of pregnancy test kits among women.
Moreover, low levels of awareness about fertility issues and reproductive health, especially in developing nations, is restricting the sales of fertility test kits. In addition, concerns about the accuracy of at-home fertility test kits limits the adoption of fertility test kits. On the contrary, the ease of use and technological advancements in pregnancy test kits has been boosting its demand, marking an emerging trend in the pregnancy point of care testing market.
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